From the manual:

"Turn equalizing screw in tight. Depress pedal two inches. Adjust brake band until lining contacts drum. Release pedal. Adjust equalizing screw (approx. 1/2 turn) until front and rear lining has equal clearance on brake. Raise wheel from floor while making adjustment, turn to determine if brake drags."
"With this adjustment any drag will be eliminated. Adjust both brakes with the same amount of free travel."

BTW, FWI,the "adjusting bolt" is accessed by removing the cover at the top of each brake housing. The "equalizing screw" is the one at the rear of each brake housing that is secured with a locknut.

JUST IN CASE someone has previously attempted to adjust the brakes using the brake rods, the rods should measure 16-5/16" from the front edge of the toggle pin in which they are screwed to the inside of the 90 deg. bend at the brake pedal end.
This measurement is critical to the most effective brake action!
My advice is to check this measurement BEFORE you begin the adjustment procedure.
 
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